Obama to drop 'chained CPI' from budget

WASHINGTON (MarketWatch) -- President Barack Obama's next budget will drop a past offer to accept lower cost-of-living increases in Social Security through the so-called chained consumer price index. The proposal was included in last year's budget. Explaining the decision to drop the idea, a White House official said that over the course of the past year, Republicans refused to identify one tax loophole they'd be willing to close in exchange for putting the cost-of-living adjustment on the table. Obama's next budget is due March 4.

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